OfflineWhat information do I need to obtain to determine if a deal is a good one? I know that I need to establish a FMV. And I need ARV but how do I assess the repairs to get this number? I have read that one should offer 40-50% of ARV but I don't now how to get the ARV. Also, how accurate is a county tax assessment because they seem really low. Should this be the FMV? Please help!
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Mark, the (ARV) after repairs value is determined as if the house was already upgraded or repaired. But before you do anything, you have to get a quote from a contractor or you do it yourself of how much you would have to spend ($$$) to bring the house up to a comfortable & marketable living situations. Once you get those figured out and the FMV, then do the numbers and starting making some offers. You know the offering part, so get to it and go to work, good luck!
Lloyd
Thanks Lloyd! I really appreciate the information! I'll get with a contractor and get busy!
-- Mark
Hey Mark,
You can also check what the selling price was 6 months ago in the same area.It gives you idea.
At least you can compare the price.
Good luck,
Sonny
Hey Sonny, do you mean check the selling price was for the specific property or for comps 6 months ago? Thanks.
-- Mark
Exactly.It helped me a lot many times. It gives you idea. It may not be accurate but it is really close.
Sonny